|13 December 2015|

Spending on the internet of things (IoT) will reach $1.3 trillion within four years, according to a new report.

And Europe will experience some of the fastest growth in IoT spending over that period, according to the International Data Corporation (IDC ) Spending Guide.

Total spend worldwide in 2015 was nearly $700 billion, 40% of that in the Asia/Pacific region. That figure is set to nearly double by 2019.

“The Asia/Pacific region’s robust IoT spending outlook builds on three dynamics: developing countries’ technology investment needs are not fully met with traditional IT, which is allowing IoT investments to accelerate; government investments in infrastructure development and local business modernisation, in China, India and the Philippines for example, are incorporating more and more IoT elements; and a burgeoning new consumer class is accelerating expenditures in goods and services, including those with IoT components,” said Marcus Torchia, IDC research manager, Internet of Things.

“Manufacturing and Transportation are both a good fit for IoT deployments,” said Vernon Turner , senior vice president and IoT research fellow at IDC. “Both industries have been connecting their supply chains, products, customers, and even workers for some time now, and really embrace the value of business outcomes.”